ICICI Bank has launched an instant EMI (Equated Monthly
Instalments) facility on its internet banking platform.

Called ‘EMI @ Internet Banking’, the facility aims to offer increased affordability to millions of pre-approved customers, as it enables them to convert their high-value transactions up to Rs 5 lakh into easy monthly instalments, the bank said in a release.

It also brings in enhanced customer experience as customers get the benefit of EMIs instantly and in a fully digital manner.

With this, customers can now purchase their favourite gadget or pay for their insurance premium or school fees in easy EMIs from their savings account using the internet banking platform.

The bank has tied up with BillDesk and Razorpay, leading online payment gateway companies to offer this facility. Presently, the ‘EMI @ Internet Banking’ has been enabled for over 1,000 merchants in categories like online shopping portals, insurance, travel, education- school fees and electronic chains.

The Bank endeavours to partner with more payment gateway
companies, merchants and add categories under this facility in the near future.

ICICI Bank Head- Unsecured Assets  Sudipta Roy said, “We at
ICICI Bank always strive to enhance our customer’s convenience and provide them with innovative solutions to make banking more accessible and hassle-free.”

“We have observed that many of our customers undertake high-value transactions for payments of insurance premiums,
school fees, purchasing electronics, or paying for vacations through the Bank’s internet banking platform,” he added.

Some of the benefits offered by ‘EMI @ Internet Banking’ facility:

  •  Instant and digital processing: Customers can convert their high-value transactions instantly and digitally into EMIs while paying through the Bank’s internet banking platform.
  • Wide array of merchants: Customers can choose this facility for their favourite gadget or to pay an insurance premium or for school fees of their child or for vacation.
  • Higher transaction limit: Customers can do purchases of products or services ranging from Rs 50,000 to Rs 5 lakh.
  • Flexible tenures: Customers can select tenures of their choice from three months, six months, nine months and 12 months.
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